1. finance
2. personal finance
3. insurance

PUBLISHED QUARTERLY BY THE
GENERAL INSURANCE ASSOCIATION
180 CECIL STREET, #15-01
BANGKOK BANK BUILDING, SINGAPORE 069546
T: (65) 6221-8788 F: (65) 6227-2051 E: [email protected]
UEN: S66SS0020G WWW.GIA.ORG.SG
33
2015
GENERAL INSURANCE NEWSLETTER
VOL. XXXIII ⁄ QTR. I ⁄ MMXV ⁄ ESTD. 2008
TALENT OUTREACH PROJECT:
CAREER &
INTERNSHIP
FAIRS
PAGE 06–07
MARITIME KNOWLEDGE
SHIPPING SESSION 30:
THE
MARITIME
CAT
MODEL
PAGE 08
AGM &
Luncheon
The 28th Annual General Meeting of the
Special Risks Pool and the Association
was held on 25 March 2015 at Pan Pacific
Singapore. More commonly known as the SRP
AGM, this year’s meeting made the unanimous
decision to distribute financial year 2014’s
accumulated surplus amounting to S$500,000
among existing members of the pool.
28th Special
Risks Pool
AGM, 48th GIA
AGM, Inaugural
MC Meeting,
GIA Annual
Luncheon
JANUARY – MARCH 2015
ACTUARIAL KNOWLEDGE
SEMINAR SESSION 4:
REINSURANCE:
CATASTROPHES
AND CAPITAL
OPTIMISATION
PAGE 10
02
GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
GI PROFILE:
REGIONAL CHIEF EXECUTIVE OFFICER
COVER STORY:
28TH SPECIAL RISKS POOL ANNUAL GENERAL MEETING,
48TH GENERAL INSURANCE ASSOCIATION ANNUAL GENERAL
MEETING, INAUGURAL MC MEETING, GIA ANNUAL LUNCHEON
ALLIANZ GLOBAL CORPORATE &
SPECIALTY SE, SINGAPORE BRANCH
EDITOR'S NOTE
Whether your personal bias is
sales, risk analysis, customer
service or leading people, there
is an opportunity to contribute
in our industry and with an open
mind and can-do attitude, you
can build a very rewarding career.
The first quarter of 2015 has
been an active one for GIA. The
full-year industry results released
on 19 Mar 2015 is a testament
to the strong economic growth
for most classes of business
and the overall General Insurance
industry performance in 2014.
In terms of continuing to build
a quality talent pool for the
General Insurance industry,
it is heartening to hear from many
of our interns and participating
companies that the GIA Internship
Programme has been successful
in helping our fresh industry
entrants gain the necessary
knowledge and skills for a job
in the industry. The GIA Internship
Programme has also raised
overall awareness of the General
Insurance industry among
the pool of young talents today.
We are also pleased to report
the successful conclusion
of GIA’s Annual General Meeting
and Annual Luncheon held in
March, which decided the newly
elected Management Committee
and re-elected President,
Mr A K Cher, who will be serving
his third consecutive term.
GIA also welcomed its new
member, Berkshire Hathaway
Speciality Insurance Company,
into the GI family. GIA is proud
to see that the family continues
to grow and develop.
To promote continuous learning
for its members, GIA also
conducted a series of Marine
and Actuarial seminars and
a tour to the recently launched
Wavelink Maritime Institute, which
houses the latest state of the art
system for seafarers in training.
Once again, GIA would like to
take this opportunity to thank
all stakeholders, industry
practitioners and committee
members for their valuable
support and contributions.
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UEN: S66SS0020G
WWW.GIA.ORG.SG
GIA also announced the results of
the Management Committee election
at the 48th General Insurance
Association AGM, with the following
companies elected to the Management
Committee for the years 2015/2016:
1) AXA INSURANCE SINGAPORE PTE LTD
2) LIBERTY INSURANCE PTE LTD
3) MSIG INSURANCE
(SINGAPORE) PTE LTD
4) NTUC INCOME INSURANCE
CO-OPERATIVE LTD
5) QBE INSURANCE (INTERNATIONAL) LTD
6) TENET SOMPO INSURANCE PTE. LTD.
7) THE OVERSEAS ASSURANCE
CORPORATION LTD
8) TOKIO MARINE INSURANCE
SINGAPORE LTD
The newly-formed 2015/2016
Management Committee then appointed
the Association’s office bearers for the
years 2015/2016 as follows:PRESIDENT
MR A K CHER
As the Annual Luncheon was held
during the week of mourning for the
late Mr Lee Kuan Yew, GIA observed
a minute of silence as a mark of respect
for our Founding Father.
The third time re-elected President
Mr A K Cher delivered a welcome
address that recapped the results
and highlights of 2014.
Mr Cher then welcomed Berkshire
Hathaway Specialty Insurance Company
as the 25th Ordinary member to the
GIA family by presenting a membership
certificate to Mr Marc Breuil, Regional
CEO, Berkshire Hathaway Specialty
Insurance Company.
Mr Chua also he shared his observations
of two key trends, namely, the rising
need for insurance services in ASEAN,
and evolving business practices from
technological advancements, all of which
will shape the business environment
for the Singapore General Insurance
industry, providing insurers with ample
opportunities for growth in the region.
MARK
Mr.
MITCHELL
VICE-PRESIDENT
MS STELLA TAN
HONORARY TREASURER
MR ANDREW LIM
HONORARY SECRETARY
He also covered two key initiatives that
MAS will be undertaking to enhance risk
management capabilities: Strengthening
Solvency Requirements, and the
Developing Robust Technology Risk
Management Framework.
MS DOINA PALICI
Following this, the GIA luncheon
was attended by 110 invited guests,
members, as well as Committee
Members. GIA was pleased to have
Mr Chua Kim Leng, the Assistant
Managing Director (Banking &
Insurance Group) of the Monetary
Authority of Singapore (MAS), grace
the occasion as the guest of honour.
With technology and innovation taking on
a bigger role in the insurance industry,
Mr Chua emphasised the need for the
industry to attract, develop and retain
talent with the necessary expertise and
skills to stay relevant and competitive
in this changing environment.
MR. MITCHELL, WELCOME TO THE GENERAL
INSURANCE INDUSTRY IN SINGAPORE. CAN
YOU SHARE WITH US YOUR BACKGROUND
AND HOW YOU ENTERED THE INDUSTRY?
Thank you for the warm welcome.
I am really pleased to be back in
Singapore – a place that has become
my second home, having worked
here previously on two occasions
during my nearly 30 year career.
My decision to enter the insurance
industry was more a lifestyle choice.
As was typical for my generation in
Australia, I wanted to work for a year
to raise funds to go on a backpacking
trip around the world. A clerk job
in insurance was the first job that
came along but I quickly realized that
with hard work and application, the
opportunities to advance (and travel)
were many in our industry and before
I ever had time to put pen to paper and
plan my intended trip, a promotion
came along and the rest is history!
WHAT IS IT ABOUT THE INDUSTRY
THAT FASCINATES YOU?
Whether your personal bias is sales, risk
analysis, customer service or leading
people, there is an opportunity to
contribute in our industry and with
an open mind and can-do attitude,
you can build a very rewarding
career. This is something that is not
always fully understood by school
leavers or others wanting a career
change. For me personally, I have
enjoyed the international nature of
insurance, the camaraderie within
the industry, spending time getting
to know customers across a wide
range of industries and the career
progression that comes with having
an entrepreneurial spirit and a
willingness to take decisions and
exercise your best judgment.
WHAT ADVICE WOULD YOU GIVE TO
ASPIRING YOUNG PROFESSIONALS?
Be a learner. Learn as much as
you can about your own area of
responsibility. Ask questions of your
manager. Volunteer to participate
in cross functional teams. If your
company allows rotations within the
organization, do not hesitate to take
those opportunities. Build lasting
relationships. Show interest in topics
outside your area of expertise. That
way, you’ll better understand the
mechanics that drive your organization
and the industry as a whole. If your
organization supports professional
development, take advantage of that.
In my opinion, managers need to
be good mentors. Throughout my
career, I’ve been lucky to have had
bosses that kept pushing me outside
my comfort zone but were also
willing to reward hard work and the
right attitude. Good mentors will
always build stronger teams.
HOW DO YOU THINK THE INDUSTRY CAN RAISE
ITS AWARENESS AMONG YOUNG TALENT?
GIA has done a good job creating
awareness and attracting students
to the industry by starting newly
rebranded GIA Internship Programme.
Allianz has been supportive of
the internship program and are
pleased to have a former intern
now in full time employment with
us as an underwriting trainee in
our Financial Lines department.
Just like how GIA takes part in career
fairs, insurance companies should
also take advantage of career fairs
to explain to young talent the role
of insurance in society & the various
career and professional development
opportunities within our organizations.
This is particularly important for
industries like re/insurance which
have a variety of roles suitable for
graduates from diverse backgrounds.
AS CEO, WHAT DO YOU ENJOY
MOST ABOUT YOUR ROLE?
This is my third CEO role and every
role has presented its own unique
challenges, based on geography,
market conditions, company focus,
brand profile, corporate culture and
so forth. Meeting these challenges
head on, creating shareholder value,
developing distribution, opening
new markets & building customer
relationships are all aspects of the role
that I enjoy but the most rewarding is
building engaged and dynamic teams
and seeing colleagues develop and
progress through the organization.
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04
GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
GI PROFILE:
GIP ALUMNI 2013
GI PROFILE:
GIP ALUMNI 2013
CRAWFORD & CO.
AIG ASIA PACIFIC
INSURANCE PTE LTD.
CLAIMS EXECUTIVE
Mr.
JASON
AFTER EXPERIENCING THE GIA
INTERNSHIP PROGRAM IN 2013,
EX-GIP INTERN, MR. JASON OH
JOINED THE LOSS ADJUSTING
FIELD TO FURTHER HIS CAREER
WITH CRAWFORD & CO.
HI JASON, CAN YOU PLEASE SHARE WITH US THE
REASON BEHIND YOUR DECISION TO PARTICIPATE
IN THE GIA INTERNSHIP PROGRAM 2013?
With my undergraduate major in
Actuarial Science, joining the insurance
industry was a natural choice. I found
out about GIP through an email from
my school and felt that the program
was holistic as every intern is offered
practical training opportunities under
the guidance of a dedicated mentor.
Furthermore, there was a chance that
interns would be sent for an overseas
stint. As such, I decided to apply for GIP.
WHICH DEPARTMENT WERE YOU ATTACHED
TO DURING THE PERIOD OF YOUR
INTERNSHIP? WHAT WAS YOUR BIGGEST
TAKE-AWAY FROM THE INTERNSHIP?
I was attached to the Claims Department
as a Claims Operations Intern. My
biggest take-away from the internship
was that no claim will be same as
another, something must be different
e.g. type of insurance, circumstances,
subject matter etc. Hence, when
assessing every claim, there is always
an opportunity to learn new things.
THOUGH HAVING STUDIED ACTUARIAL SCIENCE
DURING YOUR UNIVERSITY DAYS, WHAT HAS
MADE YOU PURSUE A CAREER IN AN ENTIRELY
DIFFERENT SECTOR IN THE INSURANCE INDUSTRY?
I believe that Loss Adjusting offers more
than a job. The scope is highly varied. As
a Loss Adjuster not only has to conduct
detailed investigations by heading
incident location, but also to craft a
rigorous report to advise Insurers in
deciding whether to pay a claim and how
much to pay. It is also heartwarming to
be thanked for our work by claimants.
IF YOU COULD GIVE AN ADVICE TO THE
UPCOMING ENTRANTS TO THE GIA INTERNSHIP
PROGRAM, WHAT WOULD IT BE?
Always find meaning in your work.
This way, you will feel appreciated by
your contributions, which leads to selfimprovement and greater achievements.
GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
05
UNDERWRITING ASSISTANT
SHARING WITH US NEXT IS
MS. CHANG MIN MIN, A
GIP INTERN OF 2013. READ
ABOUT HER ROLE AS AN
UNDERWRITING ASSISTANT
IN AIG ASIA PACIFIC
INSURANCE PTE LTD.
OH MIN
I believe that Loss Adjusting offers more
than a job. The scope is highly varied. As
a Loss Adjuster not only has to conduct
detailed investigations by heading incident
location, but also to craft a rigorous report
to advise Insurers in deciding whether
to pay a claim and how much to pay.
Ms.
CHANG
MIN
HI MIN MIN, CAN YOU PLEASE SHARE WITH
US WHAT MADE YOU SIGN UP FOR THE
GIA INTERNSHIP PROGRAMME (GIP) IN
2013? IS IT DUE TO RECOMMENDATIONS
FROM THE PREVIOUS GIP INTERN(S)?
Having done insurance related work
before I started university and hearing
experiences of some friends and
relatives working in the industry, I was
quite keen in the GIP when I chanced
upon my school’s email blast. I was very
glad to be chosen for the programme,
as well as landing an internship with
AIG Asia Pacific Insurance Pte Ltd.
IN 2013, YOU HAD YOUR INTERNSHIP WITH
AIG ASIA PACIFIC INSURANCE PTE LTD.
CAN YOU PLEASE SHARE WITH US ON THAT
EXPERIENCE AND YOUR DECISION TO RETURN
TO AIG UPON YOUR GRADUATION?
My internship with AIG was a fruitful
and enjoyable one. Everyone was
warm, friendly and helpful, and I felt
like I was part of a big family. During my
internship, I had an early glimpse of what
an underwriter’s role encompassed,
which I found very dynamic and exciting.
Encouraged by my positive internship
experience, I decided to apply for a full
time position after graduation and was
delighted when I was offered my current
role. Being a part of a major industry
player, there are numerous opportunities
for growth and development in AIG.
It is an excellent starting point for a
fresh graduate like me, and I am also
heartened that many of my colleagues
whom I had interacted with during
my internship still remember me!
CAN YOU TELL US MORE ABOUT YOUR ROLE IN
AIG AND JOB SCOPE ON A DAILY BASIS?
My main role in AIG focuses on
underwriting and I’m currently with
the Global Property department.
AIG’s diverse range of work and
extensive global reach mean new
opportunities and challenges every
day. My core accountabilities include
timely submission of internal reports,
liaising with our brokers on policy
matters, reviewing accounts under
my purview and working with my
manager on the necessary work
needed to bind an account.
LASTLY, WHAT ADVICE WOULD YOU GIVE TO
YOUR FELLOW PEERS, WHO MAY EMBARK
ON THE SAME JOURNEY AS YOU IN THE
GENERAL INSURANCE INDUSTRY THROUGH
THE GIA INTERNSHIP PROGRAMME?
I would encourage peers who are
considering a career in the insurance
industry to give the GIP a try. It offers a
very good preview for those interested
in developing a career in the insurance
industry. I believe the insurance industry
will continue to grow in importance
not just within our shores but also
globally. To reap the full benefits of the
GIP, be inquisitive, don’t be afraid to ask
questions, always strive to seek new
knowledge and take the opportunity
to meet and interact with new people
over the course of the programme.
To reap the full
benefits of the GIP, be
inquisitive, don’t be
afraid to ask questions,
always strive to seek
new knowledge and
take the opportunity
to meet and interact
with new people
over the course of
the programme.
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GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
TALENT OUTREACH PROJECT:
NUS, NTU & SMU CAREER
& INTERNSHIP FAIRS 2015
RAISING
AWARENESS
FOR THE
EX-GIP INTERN
GIA
INTERNSHIP
PROGRAMME
GIA began 2015 by
taking part in career
fairs to showcase
the successful GIA
Internship Programme
(formerly known as
Global Internship
Programme), which is
now in its eighth year.
GIA was invited by the National University
of Singapore, the Nanyang Technological
and the Singapore Management
University to raise awareness of the
10-week GIA Internship Programme.
The main aim of the programme is
to create career opportunities for the
potential talents who are eager to join
the General Insurance Industry, and
to also equip them with the necessary
skills and experience to further develop
a meaningful career in the industry.
A team of 14 GIP interns from
2014 was also present at the three
universities as ambassadors of the
internship programme. These interns
were able to give visiting students
first-hand experience of their stints
at various companies, and also
answered students’ questions from a
relevant and relatable point of view.
The participating interns also found
the career fairs meaningful and
fulfilling, as they were given the chance
to influence students’ perceptions of
the General Insurance industry.
I was glad to be able to reach out
and share my experiences with
the potential future interns. Many
students might associate the
General Insurance industry with
life insurance, and I was glad to give
them a short insight into General
Insurance and the diverse roles and
opportunities that are available
in the industry. I hope that they
will be able to participate in the
programme and be exposed to this
vibrant industry just like I have!
RONALD CHUA, GIP INTERN 2014
EX-GIP INTERN
The students I interacted with at
the NUS Career Fair 2015 seemed
genuinely interested in exploring
a career in the General Insurance
industry. Having past GIP interns
present at the booth certainly made
a difference in reaching out to the
student body as we were able to
interact with them on a more personal
and engaging level. I was glad to
have had the chance to share my
experiences under the GIA Internship
Programme with my friends. I know
that the programme will prove to be
beneficial and fulfilling to anybody
who is looking to embark on a career
in the General Insurance industry!
BENJAMIN HEW, GIP INTERN 2014
EX-GIP INTERN
EX-GIP INTERN
EX-GIP INTERN
EX-GIP INTERN
EX-GIP INTERN
I found the recent career fair in NUS
both meaningful and impactful.
Being able to provide a first-hand
experience under the GIA Internship
Programme and helping to educate
my peers was a fulfilling experience
for me. Judging by the responses
from my fellow peers, I must say
that the word “Insurance” is still
daunting to many. However, with
the right information, many of
them expressed interest in looking
at the General Insurance industry
as a serious career option.
Having experienced the career
fair, where I was able give students
information about the GIA Internship
Programme, I found that many of
my peers were still unaware of the
processes, roles and responsibilities
of the different players within the
insurance industry. However, they
seemed much more interested in
how the industry operates after
hearing from us. It was much more
interesting for me as well, being
the party explaining to my peers
about the industry. It’s possible
that without a platform like these
career fairs, many students might
not take it upon themselves to find
out more about the industry.
One of the first few questions I
received at the career fair was
from a year 1 mathematics student
asking: “Do I need to sell insurance
policies in this programme?” I think
she addressed something on many
students’ minds that day, and I am
glad I was able to give her and many
others a better understanding of the
General Insurance industry. As I
explained further about the various
sectors in the industry, she became
more curious of the opportunities
present, and was keen to find out
more. Many more students came
forward with similar questions
later, and I found it fulfilling have
helped some of my peers gain deeper
insight into the great and understated
General Insurance industry.
As a general rule, some people might
not have a good impression of the
insurance industry, with some of
them having sole exposure to the
industry from life insurance company
sales calls. However, as we explained
more about the industry and the GIA
Internship Programme, I found the
students starting to become more
interested. Some mentioned that
they would consider signing up for
the internship to gain greater insight
in the industry. It felt good being the
one sharing my personal experience
and the misconceptions I too had
prior to the internship, and how this
perception of mine has changed over
the course of the programme.
Many individuals have the
misconceptions about the insurance
industry and are not aware of the
diversity the industry has to offer.
I hope that the sharing sessions
at the career fairs have benefitted
many and formed a more accurate
impression of our dynamic
General Insurance industry!
SAMUEL LIM, GIP INTERN 2014
JONATHAN NG, GIP INTERN 2014
LIM KAI LIANG, GIP INTERN 2014
Likewise, for those who will be given
a chance to take on this internship, I
hope that their misconceptions and
questions would be answered, and
that they will consider insurance
as a future career option.
LIM SHI MIN, GIP INTERN 2014
MICHAEL NG, GIP INTERN 2014
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GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
MARITIME KNOWLEDGE
SHIPPING SESSION 30:
GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
09
INDUSTRY BULLETIN:
TOUR OF
THE
WAVELINK
MARITIME
CAT
MARITIME
INSTITUTE
MODEL
On 21 January 2015,
19 marine insurance
practitioners participated
in a tour of the recently
launched Wavelink
Maritime Institute.
The opening session of the ninth Maritime Knowledge
Shipping Session 30, entitled “The Maritime CAT Model”,
was held on 17 March 2015 at Capital Tower.
Addressing the 168 participants
at the auditorium, Mr David Chin,
Executive Director, Singapore Maritime
Foundation, delivered the opening
speech that day. He also thanked LCH
(Singapore) Pte Ltd for their continuous
support in sponsoring the seminars.
of Willis Reinsurance (Singapore)
Pte Ltd. His speech was titled
“Catastrophe Risk Management for
Marine Risk’, and covered a view of
risk from natural catastrophes in
Asia, as well as key considerations
in analysing Marine Cargo risk.
Mr Peter Ulrich, Vice President,
Risk Management Solutions Inc.,
kicked off the session by delivering
a presentation entitled “Integrating
Marine Risk into a View of Catastrophe
Exposure”. Mr Ulrich presented
his topic with case studies of past
and recent catastrophes that
affected Asia, and spoke about
why marine risks should be modelled
and managed in conjunction with
property exposure, in cases where
insurers write both coverages.
A Q&A panel chaired by moderator
Mr Jonathan Ranger, GIA Property &
Marine Committee member and Chief
Executive Officer of Watkins Syndicate
Pte Ltd, went on to address several
attendees’ queries pertaining to
the presentations. Mr Paul Faulkner,
GIA Convenor for Property and
Marine Committee, concluded the
session by handing out the tokens
of appreciation to the two speakers.
The other speaker for the day was Mr
Richard Sanders, Executive Director
The seminar still continues to receive
positive feedback from participants
and is set to continue with strong
support from the industry.
Managed by the Singapore Maritime
Officer Union, the Wavelink Maritime
Institute is home to state of the art
simulators for seafarers in training.
This trip is one of many initiativesAAZ
undertaken by the Property and Marine
Committee to provide education
and information for professionals
in the maritime industry.
Captain Edwin Sim, Manager at the
Simulation Centre, led the tour around
various simulation centres, such as the
Engine Room, the Liquid Cargo Handling
Simulator, and the state of the art 240
degree Full Mission Bridge Simulator.
On the Full Mission Bridge simulator,
participants had the chance to
experience manoeuvring a ship in
a scenario-based exercise, with
the guidance of Captain Sim. These
simulations are aimed at testing
seafarers’ specific abilities and
competency skills, by simulating
the various possibilities out at sea,
such as weather conditions, and
certain navigational challenges.
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GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
ACTUARIAL KNOWLEDGE
SEMINAR SERIES:
SESSION 4
INDUSTRY BULLETIN:
:
REINSURANCE
CATASTROPHES
AND CAPITAL
OPTIMISATION
The fourth session of the GI Actuary Knowledge
Seminar Series was held at the Amara Hotel,
Singapore on 6 March 2015.
This series was initiated by GIA with the
support of the professional actuaries,
with the aim of hearing and learning
from experienced actuaries from
the Singapore Actuarial Society about
the various types of actuarial work.
The topic for this session was
“Reinsurance: Catastrophes and
Capital Optimisation”. Covering
the topics of “Catastrophes” and
“Capital Optimisation considerations”
respectively were Mr Frederic
Boulliung and Mr Darren Ma.
Mr Boulliung talked about natural
catastrophes occuring around Asia
Pacific that made a strong impact
FIRST QUARTER ⁄ 2015
on the offshore industry due to
substantial financial losses. He also
shared with participants some ideas
on mitigating substantial losses
when managing an offshore portfolio.
Mr Ma highlighted the many types
of reinsurance and coverages, drivers
of demand, balance of perspective
and other influences that might help
companies optimise the balance
between profits, which gets ceded,
against capital reduction
The seminar attracted 49 professionals
from the GI industry, and garnered
a 100% satisfaction rating.
GIA-PwC
BUDGET SEMINAR
In light of the Singapore
Government’s Budget
announcement in Feb 2015,
the General Insurance
Association of Singapore,
with the support of
PricewaterhouseCoopers
Services LLP, conducted
a seminar on 27 March
2015 to help the industry
understand the implications
of the announcement better.
Ms. Yip Yoke Har, Partner, Ms. Goh
Chiew Mei and Ms. Carrie Lim, Directors
from PricewaterhouseCoopers
Services LLP highlighted relevant
budget changes and explained how
these changes might affect the General
Insurance industry and community.
Content covered by the seminar included
tax updates, compliance issues,
transfer pricing and the implication
of IRAS’ new guidelines, BBO, as well
as how the Singapore Budget 2015
updates are relevant to insurers.
The morning briefing was held at
M Hotel, and was attended by 38
professionals from the industry and
achieved a 100% satisfaction rating.
GENERAL INSURANCE NEWSLETTER Nº33
11
GENERAL INSURANCE NEWSLETTER Nº33
FIRST QUARTER ⁄ 2015
INDUSTRY BULLETIN:
ANNOUNCEMENT
WELCOMING
GIA’S
35th
MEMBER
GIA is pleased to announce
that Berkshire Hathaway
Specialty Insurance Company
will be joining the GIA family
as our newest member with
effect from 25 March 2015.
The Berkshire Hathaway
Specialty Insurance Company
will be the 35th addition to the
GIA network of members.
The ceremony was officiated at the GIA
Annual Luncheon, where Mr Cher AK, GIA
President, presented the member certificate
to Mr Marc Breuil, Regional President Asia,
Berkshire Hathaway Specialty Insurance.
Spearheading the company in Singapore is Chief
Executive Officer, Mr Ben Xun-Yuan Liang.
Berkshire Hathaway Specialty Insurance provides
commercial property, casualty, healthcare
professional liability, executive and professional
lines, surety, travel, programmes, and homeowners
insurance. In Asia, it underwrites on the paper of
Berkshire Hathaway Specialty Insurance Company,
which holds the financial strength ratings of A++
from AM Best, and AA+ from Standard & Poor’s.
Based in Boston, Berkshire Hathaway Specialty
Insurance has regional underwriting offices
in Atlanta, Boston, Chicago, Los Angeles,
New York, San Francisco, Toronto, Hong
Kong, Singapore and New Zealand.
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